Amlin has returned to profit for the first half of the year after a fall in
catastrophe claims and a rise in premiums.

AMLIN returned to profit for the first half of the year after the Lloyd’s of London insurer benefited from a fall in catastrophe claims and higher premiums.

Pre-tax profits recovered to £185m in the first six months of the year, up from a £192m pre-tax loss in the same period in the previous year.

“This is a welcome return to profit and the strength of our underwriting result underlines the quality and diversity of our business,” said Charles Philipps, chief executive of Amlin.

Despite the increase in profits, Amlin’s effective tax rate for the first half of the year more than halved, compared with the first six months of 2011, from 21.2pc to 8.4pc.

Mr Philipps said the reduction in the insurer’s tax rate was the result of deferred tax losses carried over from the previous year, as well as much of the company’s profits being generated in Bermuda where they are free of tax.